Aaron Back
speaker
279 appearances
6 recordings
1 series
first heard Jul 2018
last heard Jul 2019
Aaron Back’s voice in public audio — every appearance, attributed to the second.
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Appearances
So it does indicate some slowdown.
Well, it tells us they're expecting defaults ahead.
Loan loss reserves is what they set aside in preparation for defaults in the future.
And so they increase their reserves in both credit cards and business lending.
And so that is a sign that actually defaults have been very, very low for the past few years, historically low.
So that is not going to last forever.
And the banks are getting ready for that to change.
Right.
So commercial industrial loans is what slowed down the most at J.P.
Morgan.
It really picked up at Wells Fargo, but...
Wells Fargo's chief financial officer explained that that had some very specific causes.
For example, there was kind of a breakdown in the junk bond market at the end of last year due to all the market turbulence.
So companies with lower investment grade ratings had to go to banks to borrow instead of going to the bond market to borrow.
So it was a bit of a substitution in the markets.
It doesn't necessarily indicate the economy is doing well.
Yeah, this is a negative sign.
At J.P.
Morgan and at Wells Fargo, mortgage originations were down sharply.
Wells Fargo is the biggest mortgage lender in America.
Showing 61–80 of 279 · page 4 of 14
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